Sheds Ahead Ltd |
Notes to the Accounts |
for the year ended 30 June 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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2 |
Going concern |
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The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
6 |
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7 |
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4 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 July 2022 |
10,000 |
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At 30 June 2023 |
10,000 |
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Amortisation |
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At 1 July 2022 |
10,000 |
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At 30 June 2023 |
10,000 |
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Net book value |
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At 30 June 2023 |
- |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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5 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
458 |
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3,195 |
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48,347 |
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52,000 |
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Additions |
- |
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2,550 |
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- |
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2,550 |
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At 30 June 2023 |
458 |
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5,745 |
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48,347 |
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54,550 |
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Depreciation |
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At 1 July 2022 |
458 |
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2,459 |
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25,384 |
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28,301 |
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Charge for the year |
- |
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148 |
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7,150 |
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7,298 |
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At 30 June 2023 |
458 |
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2,607 |
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32,534 |
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35,599 |
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Net book value |
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At 30 June 2023 |
- |
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3,138 |
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15,813 |
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18,951 |
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At 30 June 2022 |
- |
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736 |
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22,963 |
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23,699 |
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6 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
11,893 |
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25,816 |
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Other debtors |
2,040 |
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2,040 |
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13,933 |
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27,856 |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
21,731 |
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23,158 |
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Taxation and social security costs |
5,535 |
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2,433 |
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Other creditors |
135,190 |
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146,527 |
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162,456 |
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172,118 |
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8 |
Other information |
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Sheds Ahead Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Unit 44, Endeavour Close |
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Purcell Avenue Industrial Estate |
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Port Talbot |
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West Glamorgan |
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SA12 7PT |